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S&P upgrades CBRE Services
S&P said it raised its long-term issuer credit rating on CBRE Services Inc. to BBB+ from BBB. The outlook is stable.
At the same time, S&P also raised its issue rating on CBRE's unsecured revolving credit facility and unsecured senior notes to BBB+ from BBB.
“The upgrade reflects our expectation that net leverage will remain between 1.5x-2.0x over the next 18-24 months. For year-end 2017, CBRE's net leverage declined to 1.6x compared with 2.3x in 2016,” S&P said in a news release.
“The upgrade also reflects the company's improved revenue diversification into more recurring fee-based services, its market-leading position in global commercial real estate (CRE) services, and conservative financial policies.”
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